Digital economy of India is set to be worth $1 trillion in 5-7 years, says IT Minister Ravi Shankar Prasad

Union IT Minister Ravi Shankar Prasad on Tuesday said India's digital economy is going to be $1 trillion in the next 5-7 years from the current size of $400 billion. "India's digital economy is currently $400 billion and in the coming 5-7 years, it is going to become a $1-trillion economy," the minister said at a session organised by the Indian Chamber of Commerce.

According to him, the digital economy includes communication, IT and ITES, electronic manufacturing, cyber security, e-commerce and digital payments. He said that under the digital literacy programme, six crore families in India will be enabled in the coming three years to become digitally literate. Prasad also said that as many as 72 mobile manufacturing factories have come up in India in the last three years.

The minister said that one lakh gram panchayats have been connected through optical fibre under the National Optic Fibre Programme which aimed to connect 2.5 lakh panchayats. The rest of the targeted gram panchayats under the programme will be connected by mid-2018. Describing the Centre's programmes like Digital India, Stand Up India, Make in India and others as "transforming" initiatives, he said these are going to make India a technological hub.